Australia

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The Australian Anti-Money Laundering (AML)/Counter Terrorist Funding (CTF) regulatory requirement mandates that all incoming wire transfer of funds sent to banks in Australia or routed through an intermediary bank in Australia must include full remitter information (also known as the Originator or By Order party – SWIFT field 50) in designated By Order (also known as originator fields) for non-SWIFT payments and full beneficiary information in beneficiary field (SWIFT field 59). This regulation was enacted on December 12, 2008 and enforced with effect from January 1, 2010.

Full remitter information consists of the:

Account number
Full name of the ordering customer
Full business or residential address of the ordering customer (PO boxes, etc. are not acceptable.)

Where no full business or residential address is available, banks in Australia require a unique identification number given to the remitter by the government of the originating country (for example, a passport), or a customer identification number for the remitter given by the ordering institution (for example, an account number).

If the remitter is an individual, and a full business or residential address is not available, the remitter's date of birth and town, city or locality of the remitter's birth is acceptable.

All remitters of wire transfers to Australia must comply with the requirements, or payments may be stopped, delayed, inquired upon or returned by banks in the payment chain.

Note: If you make payments on your behalf, you may leave the By Order party fields blank, and J.P. Morgan will complete the information utilizing the debit account party information in our client information file.

Full beneficiary information consists of the:

Name of the beneficiary and
One or more of the following:
- Beneficiary's full business or residential address (not a PO box)
- Type and number of identification relating to the beneficiary
- Number of any account held by the beneficiary with the beneficiary institution through which the transferred money will be made available to the beneficiary

Failure to comply with these rules may result in delay or return of payments.

For additional information on payment regulations for Australia, please visit AUSTRAC, Australia's anti-money laundering and counter-terrorism financing agency.

For details on international funds transfer instruction reporting requirements for Australia, please see "Guidance note 09/03" from the Australian Government.